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Compuware Corp. (Nasdaq: CPWR), the Detroit-based computer services company, announced today that it has reached an agreement that ends a takeover bid launched in December 2012 by Elliott Management Corp., a New York-based hedge fund.

The agreement includes the nomination of two new members to Compuware's board of directors and provides for the creation of a committee to advise the board on ways to improve performance. Technology veterans John Freeland and Stephen Schuckenbrock will be added to the company's slate of nominees for election to the board of directors at the annual meeting of shareholders for the fiscal year ended March 31, 2013, which has been postponed to a date yet to be set in March.

"We appreciate the opportunity to have a constructive engagement with Elliott," said Bob Paul, Compuware's president and CEO, in a news release. "Over the last year, we have taken monumental steps, including divesting several non-core businesses, taking Covisint public, implementing a significant expense management program, and returning capital directly back to shareholders," he said.

"Today's announcement further validates the effectiveness of our steps to date and the direction in which we are headed," he said.

Covisint, the cloud-based data-sharing service that focuses on health care and the auto supply chain, went public in September, generating about $60 million for Compuware.

On Wednesday, Compuware announced it had agreed to sell its Changepoint, Uniface and professional services units to Marlin Equity Partners, a Los Angeles-based private equity company, for $160 million in a deal expected to close this month.

Changepoint helps companies manage projects, and Uniface allows companies to rapidly develop software applications. Changepoint employs 230, seven of them in Detroit. Uniface employs 112, five in Detroit. The professional services unit employs 912, of which 621 are in Detroit.

All are expected to keep their jobs, according to Lisa Elkin, Compuware's vice president of investor relations and communications.

When Elliott launched its $2.3 billion takeover bid, it accused Compuware of having a bloated operation and a board of directors that lacked an IT background.

Since then, Compuware has appointed four new board members and launched a two-year cost-cutting program, with at least $40 million in costs on track to be removed by the end of the 2014 fiscal year on March 31.

"We took an active interest in Compuware because we recognized the underlying value of the company and its potential to drive significant value to shareholders," said Jesse Cohn, portfolio manager at Elliott Management, in a news release.

"Driven by a dedicated and committed leadership team, the last 12 months have seen enormous progress made toward efficient operations, a streamlined portfolio and a shareholder-friendly capital return program. More important, Compuware has put in place the kind of initiatives that leave it strongly positioned to keep delivering value to shareholders. We look forward to continuing to collaborate with Compuware's management and board."

Freeland has more than 30 years of executive management and operational experience in the technology sector, including being president of worldwide operations for salesforce.com.

Schuckenbrock has nearly 30 years of experience leading IT organizations, consulting businesses, and hardware companies. He has served as president and CEO of Chicago-based Accretive Health Inc. since April 2013, and from 2007 to 2013 served in various roles at Texas-based Dell Inc.